Soybean futures closed the week with 3 to 4 cent gains as yesterday’s sellers took some profits off the table ahead of the weekend. January was down 1.13% this week. Soymeal futures were down $2.20/ton to weigh on the product values, with soy oil up 23 points. Argentina’s soybean crop was reported at 96.1% planted according to BAGE, vs 94.3% in 2018. They show 29.1% of the crop blooming compared to 33.3% last year, with condition ratings 8.6% above a year ago at 48.8% gd/ex. Safras & Mercado slashed their 18/19 Brazilian soybean crop projection by 6.5 MMT to 115.72 MMT. That comes after CONAB trimmed their estimate to 118.8 MMT on Thursday. AgRural pegs the 18/19 Brazil soybean harvest at 2.1% complete, outpacing the 0.4% average. The Chinese Ag ministry left their soybean import projection at 83.65 MMT, down 10.48 MMT from last year on assumed lower use due to ration changes away from soy meal and hog herd losses due to ASF.

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